Association of Fat-and-Oil Industry Enterprises Created

Tashkent, Uzbekistan (UzDaily.com) -- The Association of Fat-and-Oil Industry Enterprises is being created in Uzbekistan.

President of Uzbekistan Shavkat Mirziyoyev signed a resolution “On additional measures for further development of the oil and fat industry and the introduction of market mechanisms for managing the industry.”

According to the resolution, the association is created on the basis of Uzpakhtayog. New association get property and other funds of Uzpakhtayog, as well as receivables and payables, with the exception of real estate and blocks of shares (shares) in the authorized capital of business entities owned by JSC Uzpakhtayog.

The members of the Association Uyogmoysanoat are enterprises and organizations of the oil and fat industry entering on a voluntary basis.

The chairman of the Association Uyogmoysanoat and his deputies are elected by the decision of the general meeting of its founders on the proposal of the Ministry of Economy and Industry of the Republic of Uzbekistan.

The current maintenance and financing of the activities of the Uyogmoysanoat Association are carried out at the expense of contributions and deductions from its members and other sources not prohibited by law.

The Uyogmoysanoat Association will develop a strategy for the development of the oil and fat industry as a single complex for the processing of oilseeds and the production of oil and fat products, as well as implement measures for the widespread introduction of modern market mechanisms into the industry.

The association will also develop the resource base and improve the mechanisms of relations between the organizations of the oil and fat industry with oilseed producers.

Until 1 January 2022, Uyogmoysanoat Association is exempt from property tax, as well as income tax of legal entities, as well as deduction of organizations under contracts to the Uyogmoysanoat Association are excluded from the taxable base on corporate income tax.

Members of the Association also received customs and tax benefits until 1 January 2021.

The President instructed to develop a "roadmap" for implementation of investment projects for the technical and technological renewal of existing and creation of new industries in the oil and fat industry.

The document notes that in 2019-2020, 37 investment projects will be implemented on technical and technological renewal of existing and creation of new production facilities in the amount of US$150 million.

Also, Uzbekistan will gradually reduce the import of finished vegetable oil with a simultaneous increase in the import of oil raw materials in order to bring the level of available capacity to 90 percent and the production of oil and fat products with high added value.

The cultivation of alternative oilseed crops in the republic will be increased, bringing the volume of harvesting of oilseeds to 100,000 tonnes in 2021.

It is planned to increase the volume of production of vegetable oil by 2021 to 400,000 tonnes. To this end, it is planned to attract foreign investments for the implementation of investment projects worth US$100 million.

The President instructed to develop a “roadmap” for creation of modern storages for oilseeds with a total volume of 50,000 tonnes in order to stabilize the prices of oil and fat products and to ensure uniform demand in the domestic market.

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